In today’s harsh economic scenario, food merchants are using technology, data, and analytics to differentiate themselves from the competition. On the other hand, price, promotion, and markdown optimisation are often untapped opportunities for food sellers. According to Kevin Sterneckert, chief strategy officer for DemandTec by Acoustic, more supermarkets are recognising the need to improve pricing and promotions in the face of the advent of e-commerce and significant business problems. Acoustic’s DemandTec platform provides pricing, promotion, and markdown optimisation solutions based on AI and machine-learning algorithms. According to Sterneckert, these technologies comprehend all of the product interrelationships and quantitative implications on demand, providing grocers with an accurate picture of how pricing will influence customer behaviour. Additionally, Revionics’ base price optimisation tool assists merchants in simplifying pricing complexity and gaining insight into the effects of every price adjustment, making it easy to identify what pricing movements make the most sense at any given time.

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